Tobacco tycoon’s mega waterfront family mansion sells for $27million – a record for property outside Sydney’s posh eastern suburbs – to hospitality entrepreneur amid a shortage of holiday homes for millionaires
- Entrepreneur John Szangolies purchases $27million Palm Beach holiday house
- The restaurateur has bought his second multimillion dollar property on Illuka Rd
- The house is the former weekender of tobacco tycoon family The Nelson’s
- Virginia & husband Arthur Nelson bought the property for $1.07m 37 years ago
A multimillionaire restaurateur has snapped up a summer getaway house in a Sydney beachside suburb ahead of the holiday season.
Hospitality entrepreneur John Szangolies and his wife Heather dropped a cool $27million on the Palm Beach getaway at Iluka Road in the northern beaches.
The waterfront property was the former weekender of Virginia Nelson – wife of the late tobacco magnate Arthur Nelson – for 37 years.
Hospitality entrepreneur John Szangolies and his wife Heather have dropped $27million on a holiday house on Illuka Road, Palm Beach, in Sydney’s northern beaches (pictured)
Boasting 1,200 square kilometres of north-facing waterfront land, the home sits quietly tucked away from inquisitive beachgoers at nearby Snapperman Beach.
The eye-watering sum not only trumps the lower north shore’s $25million record but also outbids Mr Szangolies’ other Illuka Road holiday house metres down the road.
In 2016 the couple purchased another beachside property in Palm Beach for more than $10million after the multimillion dollar sale of his Urban Purveyor Group.
Restaurateur Mr Szangolies (pictured) sold his Urban Purveyor Group for $200million in 2016
Mr Szangolies’s new holiday house was quietly listed by the Nelson family with LJ Hooker Palm Beach with a price guile of $24million, according to Domain.
The tobacco tycoon family bought the weekender in 1984 for a mere $1.07 million from Geofferey Hassal, the director of leather goods company Loris H. Hassall.
One of the few double-blocks available on Illuka Road, the property was reportedly purchased with the intent to knock down and rebuild while the family remain based in their $16.85million Rose Bay mansion.
John Szangolies sold his Urban Purveyor Group which compromises of notable venues; Bavarian Bier Cafe and Sake Restaurants, for close to $200 million in 2016.
The same year Mr Szangolies purchased Rosebay’s Tivoli Villa for $16.85million – as a ‘doer upper’ – where it was rebuilt for approximately $10million.
Mr Szangolies has another holiday house on the same road in Palm Beach (pictured)
He purchased his earlier holiday house for more than $10million in 2016 (pictured)
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